South Korean Police Arrest Trio Behind $9M XRP Investment Scam

South Korean police have arrested three individuals accused of running a fraudulent XRP investment platform that promised monthly returns of up to 1.8%. The scheme, which operated between October 16 and 23, collected approximately 3.4 million XRP from 71 investors before the website vanished.

The suspects allegedly promoted Fxrpntwork.com through online articles, YouTube videos, and portal blogs while promising guaranteed principal and monthly returns to unsuspecting investors. The victims were instructed to move their XRP from South Korean exchanges to overseas platforms before transferring the assets into wallets controlled by the group.

Police warn that cryptocurrency investors should verify official sources carefully before transferring assets to unfamiliar wallets or unverified platforms, citing a recent case where investigators froze 17.3 billion won in virtual assets shortly after detecting the alleged scheme.